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Digital Oil-Field - Advanced software and data analysis techniques are being employed in this market to maximize the profits from various oil & gas operations

Published on: 27 Apr, 2016

According to
Stratistics MRC, the Global
Digital Oil Field Market Outlook (2015-2022) is accounted for $23.76
billion in 2015 and is expected to reach $34.72 billion by 2022 growing at a
CAGR of 5.6%. The digital oilfield solutions support the Exploration &
Production (E&P) activities of a company, providing optimum reservoir
management. Digital Oil-Field technology helps Exploration & Production
companies to overcome with their difficult explorations easily and thereby
meeting the global demand of crude oil. The global crude oil demand, decrease
in number of employees and safety reasons in the oil & gas are the reasons
behind the favorable growth of Digital Oil-Field market. Declining oil prices
have impacted the profits of the oil & gas companies. From drilling
operators to oilfield service companies, the slump has reduced profits of every
player in the industry, thereby restricting them from investing in the R&D
activities and new optimized solutions. One of the key constraints is the
digital oilfield solutions market is the unwillingness to adapt the change from
conventional to a digital oilfield. Volatility of oil prices is a challenge for
the market.

Global Digital
Oil-Field Market, By Service is segmented into IT Services and Instrumentation
& Automation. Automation & Instrumentation service is accounted as the
fastest growing segment during forecast period. The growth is attributed to the
inclination of the operators to implementing automated solutions and reducing
the human capital which in turn helps to reduce the CAPEX associated with
exploration & production activities. But rise in oil prices is expected,
which will make way for investment in this technology at a larger scale, and
thus boost market growth. The DSC & SCADA system accounted for a leading
market share due to growing concerns over safety, the safety systems are
expected to register substantial growth in the global digital oilfield
solutions market. Manufacturers plan to apply digital field oil solution in
high-production fields. The adoption of the technology has been growing in the
oil& gas sector, also concerning the higher levels of safety it yields,
which is another advantage of opting technology. The technology results in the
creation of data centers for analyzing the data acquired across various
processes and creating a collaborative environment for smart decision making. Advanced
software and data analysis techniques are being employed in this market to
maximize the profits from various oil & gas operations.

Global Digital
Oil-Field Market, By Process is segmented into Reservoir Optimization,
Production Optimization, Drilling Optimization and Others Processes. Production
optimization is expected to lead the market as it utilizes specialized sensors
to monitor equipment and data analytics to identify improvements in complex
operations. Operators have plans to implement these solutions in some of
the highest producing fields. Thus, these factors are expected to drive the
market of production optimization followed by reservoir optimization. Key
leading players of the market invest huge capital in R&D activities for
further development of the technology and thus large number of patents related
to this technology is being registered.

Global Digital
Oil-Field Market, By Geography is categorised into such as North America,
Europe, Asia Pacific and Rest of the World. Middle East is witnessed to be the
fastest growing market. As it has production costs far below the current
prevailing oil prices which is able to invest in Digital Oil-Field solutions
and improve their crude recovery rate. Increasing E & P activities in
regions such as Eastern Siberian region, where extreme weather condition
possess a challenge to work, is also expected to contribute towards the digital
oilfield solutions market. Europe and North America regions commanded the
market, due to the presence of a large proportion of key players and the
availability of crude reserves. Asia-pacific is expected to account for a
significant growth in the global digital oilfield market during the forecast
period. China is the main country accounting for the major shares in the Digital
Oil-Field market.